Thursday, 06 August, 2020


USA crude stocks stabilise as Saudi export surge ends - Kemp

Crude oil prices on track for monthly gain as dollar supports Oil edges up after sharp US crude inventory drop
Conrad Doyle | 31 July, 2020, 23:14

U.S. crude oil production plummeted in May, falling a record 2 million barrels per day to 10 million bpd, the U.S. Energy Information Administration said in a monthly report on Friday. US West Texas Intermediate crude futures settled at US$41.27 a barrel, gaining 23 US cents or 0.6 per cent.

Oil prices rose on Wednesday after an industry report showed that crude inventories in the United States decreased against expectations, giving the market a boost amid record increases of coronavirus infections in the USA and elsewhere.

The most active Brent crude contract for October was up 4 cents or 0.1% at $44.13 a barrel at 0330 GMT.

Even though experts agree that the likelihood is zero, USA president Donald Trump on Thursday tweeting that the November presidential elections should be delayed to ensure safe voting during the Covid pandemic caused panic among traders and a corresponding loss in oil prices.

The dollar extended its dramatic fall on Friday and was on course for its biggest monthly drop in a decade after news on Thursday that USA gross domestic product collapsed at a 32.9% annualized rate - the steepest decline in output since records began in 1947.

The drawdown was likely a result of supply cuts by the Organization of the Petroleum Exporting Countries and its allies, which were agreed-upon in April, finally being realized in fewer shipments.

"After a bad day for big oil with awful earnings, we're starting to see the impact in barrels", said Phil Flynn, an analyst at Price Futures in Chicago.

Deaths from COVID-19 topped 150 000 in the United States on Wednesday, while Brazil, with the world's second-worst outbreak, set new daily records of confirmed cases and deaths.

Attempts to provide relief amid the outbreak were in disarray as Republicans in the USA disagreed over their own plan for providing $1 trillion in new coronavirus aid on Tuesday.

But slow demand is better than nothing, and to encourage activity in other parts of the world Saudi Arabia may reportedly cut its September official selling price for crude sold in Asia, according to sources on Thursday. The US Federal Reserve pledged to continue to help prop up the economy, providing some support to oil.

Recommended

loading...
...

Excitement as Nasa launches new rover Perseverance to find life on Mars Excitement as Nasa launches new rover Perseverance to find life on Mars Perseverance is based on the Curiosity rover that has been on Mars since August 2012, but with a number of modifications. Bell said this project is paving the way for humans to one day experience Mars in a tactile way and possibly in person.

Twitter says hack targeted employees using 'spear phishing' Twitter says hack targeted employees using 'spear phishing' An FBI and Department of Justice investigation led to the location and apprehension of the suspect in Hillsborough County, Fla. There was a report that said access came from finding logins in a Slack channel, but Twitter has not confirmed it.

Antonio Brown suspended eight games by NFL Antonio Brown suspended eight games by NFL On July 22, Brown asked NFL commissioner Roger Goodell to conclude the league's investigation into Brown. Brown and Jackson threw together in the offseason, and Jackson has lobbied for the Ravens to sign Brown.

Man City set to sign Valencia winger Ferran Torres Man City set to sign Valencia winger Ferran Torres Despite Bournemouth's relegation to the Championship , Ake's reputation has soared since he left Chelsea in 2017. That said, no club has commented officially so we will have a wait a bit to see whether Torres joins City .

Tabloid lawyer claims Johnny Depp was misogynistic abuser in closing arguments Tabloid lawyer claims Johnny Depp was misogynistic abuser in closing arguments The court required "compelling and cogent evidence" before finding the allegation someone is guilty of a serious criminal offence. Fast-forwarding to 2020, Depp has sued News Group Newspapers - publisher of The Sun - and executive editor Dan Wootton for libel.

Coronavirus: Scientists discover why COVID-19 causes loss of smell Coronavirus: Scientists discover why COVID-19 causes loss of smell In April, the symptom was officially added to the Centers for Diseases Control and Prevention's list of Covid-19 symptoms . It is presumed, but not yet proven, that this could be due to immunity to the" cold common coronavirus.

Brazil's Bolsonaro says he has 'mold' in lungs Brazil's Bolsonaro says he has 'mold' in lungs This is the first public appearance of Bolsonaro in an official event after he tested negative for COVID-19 coronavirus . The politician felt unwell the day before, after which he passed all the necessary tests. "I just had a blood test".

Kodak Pivots to Drug Production with $765M US Loan, Stock Skyrockets Kodak Pivots to Drug Production with $765M US Loan, Stock Skyrockets The group plans to launch a pharmaceuticals division that will make essential drug components now in "chronic national shortage ". The recent 1,300% increase in the stock price has recently enabled it to record a market capitalization of over $1.5 billion.

Ruth Bader Ginsburg ‘Resting Comfortably’ After Medical Procedure at Hospital Ruth Bader Ginsburg ‘Resting Comfortably’ After Medical Procedure at Hospital Ginsburg, known by supporters as " RBG ", had already been hospitalized for a potential infection earlier this month and in May. Earlier this month, Ginsburg said that she was being treated for a recurrence of cancer but will remain on the court.

U.S. national shot dead in Pakistan courtroom during blasphemy trial U.S.  national shot dead in Pakistan courtroom during blasphemy trial But attempts by successive governments to reform the laws have failed under pressure from Islamic groups in the country. Faced with death threats from Islamists upon her release, she flew to Canada to join her family past year .

Samsung Galaxy M31s with 64MP Intelli-Cam arrives in India Samsung Galaxy M31s with 64MP Intelli-Cam arrives in India The Galaxy Z Flip , on the other hand, is more like a flip phone, folding in half to become a smaller, more compact device. It also cited a "one-off gain" in the display business that analysts have linked to Apple .

Apple Delivers Blockbuster Quarter Despite Slow iPhone Sales Apple Delivers Blockbuster Quarter Despite Slow iPhone Sales Judging by similar delay announcements in the past from Apple , this could mean anything from early October to mid-December.

Hong Kong may postpone September 6 elections amid surge in Covid-19 Hong Kong may postpone September 6 elections amid surge in Covid-19 Hong Kong is facing the most severe epidemic situation since January 2020, with a growing risk of major outbreak, Lam noted. Lam said she invoked the Emergency Regulations Ordinance to hold off the vote, adding the move is backed by Beijing.

Alphabet Earnings: Google Cloud Revenue Run Rate Tops $12B Alphabet Earnings: Google Cloud Revenue Run Rate Tops $12B Alphabet added approximately 4,000 new employees, making the full-time workforce consist of 127,498 during the second quarter. Rival Amazon.com Inc.'s cloud unit, which is much bigger than Google's, grew 29% to $10.8 billion in the quarter.

NASA astronaut shares stunning view of sunrise from space NASA astronaut shares stunning view of sunrise from space Bob Bejnken, who flew SpaceX's Dragon Crew spacecraft last month, is now aboard the International Space Station. EDT Saturday, Aug. 1, for undocking of the Dragon "Endeavour" spacecraft from the space station and 2:42 p.m.